See below our tenant FAQ’s which may answer your queries!
There are 4 key points that you need to look at prior to looking at rental properties.
Tenant referencing is a landlord’s way of finding out information about a prospective tenant. A tenant reference involves several checks and verifications to help landlords decide whether a tenant is suitable for their property. At Grace Estate Agents, we use an external referencing company who will carry out three kinds of checks which are a credit check, an income check (employer) and a landlord reference (if applicable).
All applicants will be required to provide the following documents:
You will be required to provide further documentation if you have a time limit on your right to stay in the UK. We would recommend following the below link to the GOV.UK website which will guide you through the process on how to prove your Right to Rent status.
A guarantor is someone who agrees to pay your rent if you don't pay it. If you don’t pay your landlord what you owe them, they can ask your guarantor to pay instead. If your guarantor doesn’t pay, your landlord can take them to court. There are many situations that a landlord may ask for a guarantor and depending on your location, financial situation, or credit history, this may vary.
Holding Deposit
A holding deposit is a payment to a landlord or agent to reserve a property. This is equivalent to 1 week of the rental amount
Tenancy Deposit
A tenancy deposit is usually paid before a tenant moves into a property; it is also known as a Security Deposit. This can be used by the Landlord to cover costs such as rental arrears or damage to the property. The deposit will be returned to you in full at the end of the tenancy unless your landlord has a reason to make deductions.
From 1 June 2019, the maximum tenancy deposit is equal to 5 weeks' rent.
How to calculate your maximum tenancy deposit:
(Your monthly rent x 12 ÷ 52 x 5 = maximum tenancy deposit)
A tenancy runs until it is ended by either the tenant giving notice - Ending your tenancy - Citizens Advice, or landlords serving an eviction notice - Eviction notices from private landlords - Shelter England. As a tenant, the amount of notice you are required to give depends on the type of tenancy you have and your individual tenancy agreement.
If you have a fixed term contract, you can only end your tenancy during that time if the tenancy agreement states this. If your agreement has a break clause, you may be able to break your tenancy agreement early.